Since 1988, Capital One has been helping individuals with their financial needs. Credit card solutions, everyday banking, investing options, and other financial products are offered.
This institution also offers personal loans and personal lines of credit, but unlike other organizations that allow applicants to apply online, Capital One does not provide this feature. Instead, individuals seeking personal loans must call the bank to speak with a representative to discover whether they qualify.
Once they have called in, they will be asked a series of question to determine whether a personal loan or line of credit is suitable for their needs. Also, personal information such as the individual’s social security number, financial history and information will be requested.
A financial background check, with the approval of the applicant, will be performed to assess eligibility. Only individuals with excellent credit will be considered. Individuals with a credit rating deemed unsuitable will most likely have to find other helpful options.
For the right individual, personal lines of credit can be beneficial as it provides quick access to cash without having to reapply for new loans when something arises. Overall it offers clients flexibility and a level of control that other loans may not offer necessarily.
Also, interest is only charged to the money that is withdrawn or borrowed from the line of credit. Thus the funds left untouched are not subjected to additional fees or interest rates. Funds can also be obtained via ATM’s, which offers a high level of flexibility.
On their website, there are a few self-screening questions that are available. Capital One seems to encourage clients to evaluate whether personal loans, as well as the potential payments, suit the financial goals of the applicant. Also, applicants are encouraged to shop around to see what other institutions are offering clients seeking a personal loan or line of credit.
Although these personal credit options are available, Capital One appears to prefer that clients seek other options that are openly displayed on their site. Only by searching for personal loans will individuals become aware that Capital One offers them. Despite being available, it seems as though Capital One is wary about providing personal lines hence the lack of advertisement on their website.
Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her innate understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.